European University Institute Library

Central Banking and Financial Stability in East Asia, edited by Frank Rövekamp, Moritz Bälz, Hanns Günther Hilpert

eng

0

non fiction

Central Banking and Financial Stability in East Asia

electronic resource

dictionaries

1127183561

edited by Frank Rövekamp, Moritz Bälz, Hanns Günther Hilpert

Financial and Monetary Policy Studies,, 40, 0921-8580Springer eBooks.

This book explores financial stability issues in the context of East Asia. In the East Asian region financial stability has been a major concern ever since the Asian crisis of 1997/98, which still looms large in the collective memory of the affected countries. The global crisis, which had its starting point in 2007, only served to exacerbate this concern. Safeguarding financial stability is therefore a major goal of any country in the region. Diverging cultural, political and economic backgrounds may however pose different stability challenges and necessary cooperation may be complicated by this diversity. Against this backdrop the contributions of this book by leading academics from the fields of economics and law as well as by practitioners from central banks shed light on various financial stability issues. The volume explores the legal environment of central banks as lenders of last resort and analyzes challenges to financial stability such as shadow banking and the choice of exchange rate regimes. Case studies from China, Japan and Indonesia are contrasted with experiences from Europe.  .--, Provided by publisher

Introduction: Financial Stability in East Asia - A Tentative Assessment -- History and Legal Framework of the People's Bank of China -- The Independence of the Bank of Japan in the Light of Statutory Rules and Central Bank Independence Indices -- The Legal Framework for the European System of Central Banks -- Central Bank Independence in Times of High Fiscal Risk: The Case of Japan -- The Legality of Outright Monetary Transactions (OMT) of the European System of Central Banks -- Externally Imposed Financial Repression, Conflicted Internationalisation of the Renminbi and External Balancing via Wage Adjustment -- Demand and Supply of Shadow Banking in China -- Navigating the Trilemma: Central Banking in East Asia Between Inflation Targeting, Exchange-Rate Management and Guarding Financial Stability -- Concern About Financial Stability Following the Recent U.S. Legal Expansionism: International Law and East Asian Perspectives -- Index